Drugmaker Orexigen Therapeutics Inc. said today that it filed for chapter 11 protection and will also file a motion to pursue an auction and sale process of substantially all its assets, Reuters reported. The company, which focuses on the treatment of obesity, said it expects proposed bids to be submitted by May 21 and the sale is intended to be concluded by July 2. Orexigen listed assets in the range of $50 million to $100 million and liabilities in the range of $100 million to $500 million, according to a filing in the Delaware bankruptcy court. A number of its senior secured noteholders have made a $35 million financing commitment to the company during the process, Orexigen said.
